Required:Prepare a master budget for the three month period ending June $30.$ Include the following detailed budgets:$1-$a$.$ A sales budget by month and in total for the quarter.questior A schedule of expected cash collections from sales and accounts receivable, by month and in total$\mathrm{.}1-$C$.$ An inventory purchases budget in units and in dollars. Show by month and in total for the quarter$\mathrm{.}1-$d$.$ A schedule of budgeted cash payments for inventory, by month and in total for the quarter$\mathrm{.}2$A cash budget. Show the budget by month and in total$\mathrm{.}3$A budgeted income statement for each month and the quarter ending June $30.$ Use a detailedcontribution margin approach$\mathrm{.}45$A budgeted statement of retained earnings for the quarter only.A budgeted balance sheet as at June $30\mathrm{.}6$Provide a brief analysis of the master budget in terms of expected income and cash requirements.Explain any apparent contradictions.